Advertisements
Advertisements
Question
Wages paid for installation of machinery wrongly debited to wages account is an error of ______.
Options
Partial omission
Principle
Complete omission
Duplication
Advertisements
Solution
Wages paid for installation of machinery wrongly debited to wages account is an error of principle.
APPEARS IN
RELATED QUESTIONS
What is meant by the error of principle?
Write a note on the error of principle by giving an example.
State the account/s affected in the following error:
The total of purchases book ₹ 4,500 was posted twice.
Which type of error affects only one side (debit or credit) of a single account and usually causes a difference in the trial balance?
What is the main impact of two-sided errors, such as errors of principle or compensating errors, on the trial balance?
If a transaction is completely missed in all books of accounts, which type of error is it?
When a transaction is recorded in one book but not posted to the related account, which type of error does this represent?
Breaking accounting rules and misclassifying accounts is known as which type of error?
Why is a suspense account used in correcting accounting errors?
Which statement best summarizes the key differences between one-sided and two-sided accounting errors?
